Seeking Alpha

Chrysler partnership paying off for Santander

In its first report since coming public, Santander Consumer USA (SC +1.4%) shows Q1 core net income of $157.3M or $0.44 per share, up from $113.9M and $0.33 last quarter. Core ROE of 22.4%, core ROA of 2.3%. Board declares quarterly dividend of $0.15 per share, equating to a 2.6% annualized yield.

Origination volume of over $6.9B of consumer loans and leases includes fast action from the Chrysler partnership, with over $3.5B in loans and $1.2B in leases.

The Chrysler deal also means a shift to higher credit quality clients, bringing average APR on Q1 originations to 13.7% vs. 17.4% for all of 2013.

Net interest income of $1B is up 43% from 2013 Q1. Loan loss provision of $699M vs. $217M a year ago. Portfolio size is 51% larger.

Core operating expenses of $199M up 33%. Core efficiency ratio of 16.9% vs. 18.4%.

Source: Press Release

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs